Cable dropped below the main count’s confirmation point, adding some weight to the bearish outlook.
We have one hourly count today and we will add alternate counts once price action suggests high probability counts.
Synopsis: By moving below 1.3010, Cable would be likely to locate support around 1.2994 and if exceeded then to 1.2765.
Main Hourly Count
– Invalidation Point: 1.3364
– Confirmation Point: 1.3010
– Downwards Target: 1.2994 — 1.2765
– Wave number: (iii) green
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the GBPUSD for 17th July, 2018. Please click on the charts below to enlarge.
Main Daily Wave Count
For the long term, this count expects that primary wave B maroon is complete and that primary wave C maroon is unfolding towards the downside likely as an ending diagonal.
Within wave C maroon intermediate waves (1) and (2) black are complete and intermediate wave (3) black is likely in its early stages.
Wave (2) black unfolded as a double zigzag labeled waves W, X and Y blue.
Wave W blue unfolded as a zigzag labeled waves a, b and c pink with wave c pink unfolding as an impulse labeled waves (i) through (v) green.
Wave Y blue unfolded as a zigzag labeled waves a, b and c pink with wave a pink unfolding as an impulse labeled waves (i) through (v) green.
It is worth noting that wave (v) green was a truncated fifth wave.
We will be able to calculate near-term targets once wave (3) black starts to subdivide lower.
This count would be invalidated by movement above 1.4377 as within wave A of (3) black no second wave may retrace more than 100 % of its first wave.
Main Hourly Wave Count
This count expects that wave ii pink is complete and that wave iii pink has started.
Within wave iii pink, waves (i) and (ii) green are complete and wave (iii) green is in its early stages.
Wave (i) green unfolded as an impulse labeled waves i through v orange.
Wave (ii) green unfolded as an expanded flat correction labeled waves a, b and c orange.
Wave c orange was an ending diagonal labeled waves 1 through 5 purple.
This count would be confirmed by movement below 1.3010.
At 1.2994 wave (iii) green would have traveled the same distance as wave (i) green and at 1.2765 wave (iii) green would have reached 1.618 times the length of wave (i) green.
I want to see additional structural development before moving the invalidation point closer (i.e., lower). At this stage, this count would be invalidated by movement above 1.3363 as within wave (iii) green no second wave may retrace more than 100 % of its first wave.